Some Apple Savings account customers see delayed withdrawals

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Apple’s high-yield savings account, a partnership with Goldman Sachs, launched in April. Some customers have endured longer than expected waits for withdrawals and transfers to complete.

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Nathan Thacker, who lives outside Atlanta, had been trying to transfer $1,700 from his Apple account to JPMorgan Chase since May 15. Each time he called Goldman’s customer service department, he said, he was told to give it a few more days.

The money arrived in his Chase account Thursday morning, he said, after The Wall Street Journal contacted Goldman about his and other customers’ experiences.

Others said they also had trouble transferring money from their new Apple accounts. Customer service representatives at Goldman, which holds the deposits, sometimes gave differing responses about what to do, they said…

“The customer response to the new savings account for Apple Card users has been excellent and beyond our expectations,” the bank said in a statement. “While the vast majority of customers see no delays in transferring their funds, in a limited number of cases, a user may experience a delayed transfer due to processes in place designed to help protect their accounts.”

On brand-new accounts, like Apple’s, transfers that make up a large share of the overall balance can trigger anti–money-laundering alerts or other security concerns that require additional review, according to people in the AML [Anti-Money Laundering] field. Those delays usually last five or so days, they said.

Via: The Wall Street Journal